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Tencent-Backed Travel Site Raises $180 Million in Hong Kong IPO

  • Tongcheng-Elong prices deal near bottom of marketed range
  • Hong Kong IPOs struggle amid global technology stock rout
The Chinese and Hong Kong national flags near the Hong Kong Stock Exchange.

Photographer: Xaume Olleros/Bloomberg

Tongcheng-Elong Holdings Ltd., a Chinese travel website backed by Tencent Holdings Ltd., raised $180 million after pricing its Hong Kong initial public offering near the bottom of a marketed range.

The Jiangsu-based company priced its sale of 143.8 million shares at HK$9.80 apiece, according to terms for the deal obtained by Bloomberg on Wednesday. The shares were offered at HK$9.75 to HK$12.65 each.